Cleveland Ohio Real Estate – Property Taxes Won’t Be Greatly Affected By Decrease in County Reappraisals

The results of the recent reappraisal process were released and almost all communities saw a decrease in value for the period 2006-2008, meaning slight adjustments in the amount home owners will pay in property tax.

Here in Cuyahoga County, the largest county in the state of Ohio, the Auditor’s office conducts a reappraisal process every three years.  Although values were still increasing during 2006, the last two years saw enough declines area wide to put most areas in negative numbers for the three year period that just ended in December. Specifically, here are how some areas on the East side fared ( preliminary figures provided by the Cuyahoga County Auditor’s Office ) :

declining prices

 

Beachwood: -6%

Moreland Hills: -5%

Orange: -7%

Pepper Pike: -5%

Solon: -4%

 

Does this mean that property taxes will decrease by the same amount in these specific suburbs? Not necessarily. Most of the tax paid goes towards the schools and library taxes, and will adjust with the change in property values. When home values go down, tax rates increase, meaning most home owners won’t see a significant decrease in the amount of property tax they are currently paying. However, homeowners will have an opportunity to dispute their bills when they come out this summer.

Summary: All of the above mentioned communites saw increases in values from the previous reappraisal period of 2003-2006, with Solon seeing an increase of over 15%. So, many of these communities will still see a net increase over the last 6 years, although most of the gains seen during the real estate boon have been erased. Many suburbs have made adjustments knowing in advance that property taxes may decrease and most base their budgets on income taxes, not property taxes. However, decreases in real estate taxes and an ailing economy still put pressure on many communities and force them to make budget cuts and sometimes layoffs. The general hope is that the next three year period will see home prices begin to stabilize or even rise.

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About The Authors:

Dan and Amy Schuman reside in the Eastern suburbs of Cleveland Ohio. They specialize in luxury homes and  work extensively with buyers and sellers who are relocating in or out of the area. They use their home staging expertise to sell listings quicker and for more money.

If you are looking to buy or sell a home in Bainbridge,BeachwoodMoreland HillsOrange, Pepper Pike, Solon, or the surrounding Eastern suburbs of Cleveland, please contact the Schuman Team as they would be happy to show you why people love working with them.

To see all homes currently on the market in the Cleveland Ohio area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

Check out the award-winning website, www.schumanteam.com .

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